The price of oil rose to its highest level since July 2022 Sunday evening as the Trump administration suggested the war with Iran could last several more weeks and President Donald Trump called on the international community for help reopening the Strait of Hormuz to oil tankers.
Brent crude, the global benchmark, rose 2.9% to about $106.12 a barrel. US oil rose 2.6% to $101.53.
The US and Israel-led war in Iran has now entered its third week, causing the biggest oil disruption in history. The Strait of Hormuz, the vital waterway controlled by Iran, has been effectively shut for oil tankers to pass through